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    Sberbank urges GM to compensate for failed Opel deal

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    Russia's largest retail savings bank Sberbank has demanded compensation from General Motors for the failed Opel deal, threatening to sue the U.S. automaker if the demand is not met.

    Russia's largest retail savings bank Sberbank has demanded compensation from General Motors for the failed Opel deal, threatening to sue the U.S. automaker if the demand is not met, Sberbank CEO German Gref said.

    "We have incurred significant costs. We have estimated all expenses and handed over a demand for voluntary compensation to the company," Gref told Russia's Vesti television channel on Friday, adding "if the demand is not met, we will press for compensation by judicial means."

    The U.S. auto giant decided late on November 3 to retain its big European subsidiary, citing "an improving business environment" in Europe.

    On September 10, General Motors announced that it would sell Opel to a consortium of Canada's auto parts maker Magna and Russia's Sberbank. The decision was approved by the Opel board and the German government.

    According to the previous plans, the Magna-Sberbank consortium was to have a 55% stake in Opel on a parity basis, and the German carmaker was to control 10%, with GM retaining 35%.

    The Sberbank CEO said some 9,000 pages of contract had been drew up over 9 months of talks with General Motors, adding the U.S. automaker renounced the deal two days before its planned signing, without providing any "essential explanations."

    Gref said Sberbank had not expected significant benefit from the deal, but it could give an impetus to some of Russia's economic sectors.

     

    MOSCOW, December 26 (RIA Novosti)

     

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